Thomas Hartley of Business First of Buffalo reported that HSBC USA has no plans to take part in the federal government troubled asset relief program (TARP). The article “HSBC Passes On Federal Program” says HSBC supports the U.S. government’s efforts as part of ongoing public and private initiatives to address issues in the marketplace, including the recent announcement of the TARP (troubled asset relief program) Capital Purchase Program.
Other than lip service we wonder what kind of support HSBC gives. Other articles point at failures in HOPE NOW, another program that HSBC “supports”. We think HSBC will avoid any program or initiative that might give others a look at their books.
Update 2012: Our prediction was correct. HSBC did avoid participation in US programs, at one point saying that participation was not mandatory. HSBC then abandoned the US, and the UK, consolidating in China and focusing on China instead.